No, I don't think you need to necessarily. It's just that the current toolkit that you have may not support 'any new features' that ONTAP 9.10.1 brings as part of the API support.
Even if you upgrade it should be fine b'cos, as it says in the download page : Existing toolkit users can upgrade to the latest version and to support backward compatibility with existing scripts.
NetApp Support Site - All Tools - NetApp.ONTAP PowerShell Toolkit